Discussion Paper
Obtaining the yield on a standard bond from a sample of bonds with heterogeneous characteristics
Stevens, Guy V. G.; Kichline, James L.; Laub, P. Michael (1973)
Staff Studies , Paper 77

Discussion Paper
On the value of the firm and optimal investment under uncertainty
Stevens, Guy V. G. (1972)
Special Studies Papers , Paper 26

Discussion Paper
Internal funds and the investment functions: exploring the theoretical justification of some empirical results
Stevens, Guy V. G. (1986)
Special Studies Papers , Paper 199

Working Paper
On risk, rational expectations, and efficient asset markets
Akbarian, Dara; Stevens, Guy V. G. (1994)
The notion of asset market efficiency -- that market prices "fully reflect" all available information -- requires the operation of mechanisms that rapidly incorporate new information into asset prices. Particularly problematic -- both theoretically and empirically -- has been the case where new information is not widely shared, so-called "strong-form" efficiency. This paper examines the relevance of a mechanism for attaining strong-form efficiency based on knowledgeable investors being willing to take large positions in order to eliminate unexploited profit opportunities. We examine ...
International Finance Discussion Papers , Paper 478

Working Paper
Alternatives for modeling the world outside the United States
Stevens, Guy V. G. (1976)
International Finance Discussion Papers , Paper 96

Working Paper
On the inverse of the covariance matrix in portfolio analysis
Stevens, Guy V. G. (1995)
The goal of this study is the derivation and application of a direct characterization of the inverse of the covariance matrix central to portfolio analysis. As argued below, such a specification of the inverse, in terms of a few primitive constructs, helps clarify the determinants of such key concepts as (1) the optimal holding of a given risky asset, (2) the slope of the risk-return efficiency locus faced by the individual investor, and (3) the pricing of risky assets in the Capital Asset Pricing Model. The two building blocks of the inverse turn out to be the non-diversifiable part of each ...
International Finance Discussion Papers , Paper 528

Working Paper
Monetary policy under alternative exchange-rate regimes: simulations with a multi-country model
Stevens, Guy V. G.; Clark, Peter K.; Berner, Richard; Kwack, Sung Y.; Howe, Howard; Hernandez-Cata, Ernesto (1979)
International Finance Discussion Papers , Paper 130

Working Paper
A multi-country model of the international influences on the U.S. economy: preliminary results
Stevens, Guy V. G.; Clark, Peter K.; Berner, Richard; Kwack, Sung Y.; Howe, Howard; Hernandez-Cata, Ernesto (1977)
International Finance Discussion Papers , Paper 115

Working Paper
Modeling the international influences on the U.S. economy: a multi- country approach
Stevens, Guy V. G.; Clark, Peter K.; Berner, Richard; Kwack, Sung Y.; Howe, Howard (1976)
International Finance Discussion Papers , Paper 93

Working Paper
On the inverse of the covariance matrix in portfolio analysis
Stevens, Guy V. G. (1997)
The goal of this study is the derivation and application of a direct characterization of the inverse of the covariance matrix central to portfolio analysis. As argued below, such a specification, in terms of a few primitive constructs, provides new and illuminating expressions for such key concepts as the optimal holdings of a given risky asset and the slope of the risk-return efficiency locus faced by the individual investor. The building blocks of the inverse turn out to be the regression coefficients and residual variance optained by regressing the asset's excess return on the set of ...
International Finance Discussion Papers , Paper 587